Hoeven: Federal Government Needs to Address Deficit and Debt Reduction in Debt Ceiling Agreement

WASHINGTON – Senator John Hoeven today issued the following statement regarding a possible agreement to raise the nation’s debt ceiling:

“Today, the U.S. Senate was asked to approve a $1.1 trillion increase in the borrowing limit of the United States with no provision to save money or reform programs that are outpacing our ability to fund them. At the same time, our national debt is approaching $17 trillion and we are borrowing $2 billion a day. For these reasons, I could not support the measure.

“America needs to meet its financial obligations, and that means not only addressing the debt ceiling of the United States, but also implementing spending reforms and finding savings to address our debt and deficit. In other words, we need to address the underlying problem that has led us to our current financial dilemma, which is that our country is spending more than it takes in. We can’t just keep borrowing more.

“No family and no business can spend more money than it has coming in, and all but two states, including North Dakota, have laws that prevent them from spending beyond its means. A family or business cannot repeatedly go to the bank and ask to have its credit limit raised without showing it has reformed its spending habits so that it can meet its obligations. The United States should do no less.

“I believe we should address the debt ceiling, but I also believe any agreement to do so should include a plan or, at the very least, a commitment to reforms and savings that will help us reduce our debt and deficit. Currently, Republicans are negotiating with Democratic leaders and the president in a bipartisan way to forge such an agreement, an effort I support. We must not, once again, decide on a course that passes our debt on to our children and our grandchildren.”